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Suppose you invest today $125,990 into a bank account that pays an annual interest rate of 4.75% compounded more than once a year. Let's call
Suppose you invest today $125,990 into a bank account that pays an annual interest rate of 4.75% compounded more than once a year. Let's call m the number of compounding periods in 1 year. Your financial adviser assures you that, if you withdraw money from the account 10 years from now, you will be getting a total sum of $202,587.45 What is m?
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